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Rite Aid Corp. First-Lien Term Loan Assigned 'B+' Rating (Recovery: '1'); Second-Lien Loan Rated 'B-' (Recovery: '3') Feb 13 Product Image

Rite Aid Corp. First-Lien Term Loan Assigned 'B+' Rating (Recovery: '1'); Second-Lien Loan Rated 'B-' (Recovery: '3') Feb 13

  • ID: 2394635
  • February 2013
  • Standard & Poors

Abstract
U.S. pharmacy operator Rite Aid is refinancing a portion of its existing first- and second-lien secured debt to extend maturities and lower its interest cost. We are assigning a 'B+' issue rating and '1' recovery rating to the proposed $900 million first-lien term loan due 2020 and a 'B-' issue rating and '3' recovery rating to the proposed $470 million second-lien term loan due 2020 We are affirming all ratings on Rite Aid, including the 'B-' corporate credit rating. The stable outlook reflects our expectation that Rite Aid's financial risk profile remains "highly leveraged" despite modest improvement in its credit protection measures from recent improvements in operating results. NEW YORK (Standard & Poor's) Feb. 4, 2013--Standard & Poor's Ratings Services...

Companies mentioned in this report are:
- Rite Aid Corp.
- Rite Aid Lease Management Co.

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

- Rite Aid Corp.
- Rite Aid Lease Management Co.

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